Share

Madison Wisconsin's Estate Planning Blog

Saturday, February 16, 2019

3 Liability Planning Tips for Physicians


You probably know that the practice of medicine is a profession fraught with the risk of liability.  It’s not just medical malpractice claims either (although those are certainly scary enough). It’s the entire scope of risk from being in business, including employment-related issues, careless business partners and employees, and contractual obligations, as well as personal liabilities.  Unfortunately, in our litigious society, these liability risks are not unique to physicians, although physicians are a frequent target. 

 

Below are three liability planning tips for physicians to protect their hard-earned money.
Read more . . .


Saturday, February 16, 2019

3 Liability Planning Tips for Physicians


You probably know that the practice of medicine is a profession fraught with the risk of liability.  It’s not just medical malpractice claims either (although those are certainly scary enough). It’s the entire scope of risk from being in business, including employment-related issues, careless business partners and employees, and contractual obligations, as well as personal liabilities.  Unfortunately, in our litigious society, these liability risks are not unique to physicians, although physicians are a frequent target. 

 

Below are three liability planning tips for physicians to protect their hard-earned money.
Read more . . .


Thursday, February 14, 2019

How to Manage Your Basis “Step Up”


If you or someone you know has received an inheritance, it is important for you to understand how to manage your basis “step up.” A “step up” in basis is the adjustment of the value of an appreciated asset - for tax purposes - upon inheritance.

 

IRS Taxes

An executor who has to file a federal estate tax return must also file Form 8971 with the IRS. The purpose of Form 8971 is to report the final value of the specific property received by a beneficiary, the recipient of that property, and other information. An executor must also provide a Schedule A to each beneficiary who has acquired - or will acquire - property from the decedent and the final value of that property.
Read more . . .


Wednesday, February 13, 2019

Three Tips for Protecting Your Important Legal Paperwork in a Natural Disaster


The year 2018 has been no stranger to natural disasters. From multiple earthquakes, back-to-back hurricanes, and raging wildfires, the United States and abroad has suffered some serious natural disasters. These acts of nature can devastate your life and your family. Who knows what 2019 will bring.

 

In addition to creating a disaster preparedness plan for your family, be sure to protect your legal documents during these events.
Read more . . .


Tuesday, February 12, 2019

Did you or a loved one make any of these five critical estate planning mistakes?


Sadly, most Americans are indifferent to estate planning - at best - or completely ignore the issue - at worst. When it comes to estate planning, however, there are just some mistakes that you cannot afford to make. Below are five of the most critical estate planning mistakes.

 

  1. Not having any estate plan. This is the biggest mistake, especially among younger professionals or young parents who assume they don’t need one.
    Read more . . .


Monday, February 11, 2019

Seeing an Estate Planner? Three Key Questions to Ask


Hiring an estate planner is an important decision as you are seeking advice on how to protect your loved ones once you are gone. For this reason, it is critical to hire an attorney with good knowledge of estate planning and how to use the tools available to create the best plan for your particular needs. Be sure to ask questions of the lawyer before deciding whether or not you will hire him or her.

 

Here are three key questions to ask when looking to hire an estate planner.

 

  1. How does the attorney’s estate planning process achieve your goals? Just like every family’s needs are different, you should make sure the attorney you hire does not have a one-size-fits all approach when putting together an estate plan for clients.
    Read more . . .


Sunday, February 10, 2019

Wills vs. Trusts: A Quick & Simple Reference Guide


Confused about the differences between wills and trusts?  If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide:

What Revocable Living Trusts Can Do – That Wills Can’t

  • Avoid a conservatorship and guardianship. A revocable living trust allows you to authorize your spouse, partner, child, or other trusted person to manage your assets should you become incapacitated and unable to manage your own affairs. Wills only become effective when you die, so they are useless in avoiding conservatorship and guardianship proceedings during your life.
    Read more . . .


Saturday, February 9, 2019

Do you really need a will? You May Not Think You Need a Will, But You Really Do.


Most Americans do not have a simple will as part of their estate plan. You might believe that a will is only for the rich and famous, and not the average person who has a far smaller net worth. On the other hand, you may think that a will is entirely unnecessary since you have a trust, jointly owned property, or have named beneficiaries on your insurance.

 

So, do you really need a will? The short answer to this question is “yes.” In fact, everyone who owns anything - no matter how little value it may seem to have - should have a will.
Read more . . .


Friday, February 8, 2019

Do you really need a trust?


Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your death.

 

One of the primary advantages of having a trust is that it provides the ability to bypass the publicity, time, and expense of probate. Probate is the legal process by which a court decides the rightful heirs and distribution of assets of a deceased through the administration of the estate. This process can easily cost thousands of dollars and take several months to more than a year to resolve.
Read more . . .


Thursday, February 7, 2019

Estate Planning: Why Me, Why Now, and Is a Will Enough?


You have worked hard for years, have family members and friends you care about, and have approached a time in your life when “estate planning” sounds like something you should do, but you are not exactly sure why. You may feel that you are not wealthy enough or old enough to bother or care. Or you may already have a Will and feel that you are all set on that front. Whatever your current position, consider these common misconceptions about estate planning:

 

1.     Estate planning is for wealthy(ier) people.
Read more . . .


Wednesday, February 6, 2019

Wills, Trusts & Dying Intestate: How They Differ


Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either.

 

Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse:

 

  1. 1. Intestate.
    Read more . . .


Blog Categories

AB Trust

ABLE Program

Abuse

Addiction

Agent

Aging

Amendment of Trust

Annual exclusion

Annuity

Asset Protection

Attorney

Basis

Beneficiary

Beneficiary Designations

Birth

Business Succession

Buy-Sell Agreement

capacity

Caregiver

Celebrity

Charitable Planning

Children

Cognitive Impairment

Community Property

Compensation

Core Values

Corporate Trustee

Court

Creditors

Death

Debts

Decanting

Deed

Digital Estate Planning

Discretionary Trusts

Disinherit

Divorce

Documents

Driving

duress

Dynasty Trust

Education

Elder Law

Estate Planning

Executor

Family

Farming and Ranching

Fees

Fiduciary

fraud

Frequent Flyer Miles

Frequent Flyer Miles

Funeral

Generational Planning

Gifting

Government Assistance

Grandchildren

GSST

Guardian

Guardianship

Health Care

Health Care Agent/Proxy

Health Savings Account

Heirlooms

Heirs

HIPAA

Holographic Will

House

Incapacity

Income Tax

Inheritance

Instruction

Insurance

Internet

Inter-vivos Trusts

Intestacy

IRA

Irrevocable Trusts

Joint Tenancy

Kids

Law Firm

Lawsuits

Liability

Life Estate

Life Events

Life Insurance

Lifetime Planning

Lifetime QTIP

Living Trust

Living Will

Loans

Long-Term Care

Marital Property

Marraige

Medicaid Planning

Mental Illness

Money

Moving to/from a State

Newlyweds

Nursing Home

Oral Wills

Overseas Estate Planning

Parents

Partners

Payable on Death (POD)

Payable on Death (POD)

Payable on Death (POD)

Personal Property

Personal Representative

Pets

Physicians

Planning

Portibility

Power of Appointment

Power of Attorney

Power of Attorney

Prenuptual Agreements

Privacy

Probate

Promises

Property

Remarraige

Rental Property

Restatement of Trust

Retirement Assets

Review

Revocable Trusts

Saving Money

Simultaneous Death

Special Needs Trusts

Spendthrift Tust

Spouse

Stand Alone Retirement Trust (SRT)

Storage of Documents

Storing Documents

Stress

Successor Trustee

Taxes

Testamentary Trusts

Timeshare

Title

Transfer of Assets

Transfer on Death (TOD)

Trust Administration

Trust Funding

Trust Protector

Trustee

Trusts

Umbrella Insurance

Unborn Children

Update Planning

Vacation Poperty

Values

Will

Will Contests

Year End Strategies

Young Families

Archived Posts

2019
February
January
2018
September
August
July
Not Married? You’re not alone - but you still need a plan. Estate Planning for People Living Together, Bachelors, and Bachelorettes
Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning
A Trust for Fluffy or Fido? Why Every Pet Parent Needs to Consider a Pet Trust Today
Roth IRA Conversions After Tax Reform...Still a good idea? What are the implications for your family if you don’t spend all the money?
Estate Planning When Not All of Your Kids are in the Family Business
Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign
The One Thing Every New Grandparent MUST Do As Soon as Possible
How to Fix 5 Common Estate Planning Problems
How to Leave Your Life Insurance and Retirement Plan to Your Minor Children
Financial Planning. Tax Planning. Legacy Planning. Estate Planning - How many plans do I need?!
Why Not Just Go on NoloⓇ and Create Your Own Estate Planning Documents Cheaply?
3 Things You Must Do Once Your Divorce Is Final
Protecting Your Children’s Inheritance When You are Divorced
Finding the Right Fit: Questions For Prospective Wills and Trusts Attorneys
The Biggest Threat to Successful Estate Planning
Steps For Starting the End-of-Life Conversation
Joint Tenancy Pitfalls: The ‘Simple’ Fix that Can Leave Your Family Broke
One Call You Must Make After You Buy a Home-That You’ve Probably Forgotten
3 Tips For Every New Homeowner
Declare your Independence from Court Interference!
What To Do With Your Beloved Collection
Legal Considerations When Getting Your New College Student Ready to Go
Digital Afterlife- An Estate Plan For Your Facebook Account
How an Estate Planning Letter of Intent Can Help Your Family
Kids and Investors Are Not the Only Options
Retirement Planning for Business Owners
Passing Along a Benefit, Not a Burden - Why Incapacity Planning for Business Owners is an Indispensable Component of Your Plan
March
February
2017
September
August
July
May
April
Updating Your Revocable Trust: How Many “Tweaks” Are Too Many?
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
4 Tips for Avoiding a Will or Trust Contest
Three Liability Planning Tips for Physicians Anyone Can Use
Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them
The Wrong Successor Trustee Can Derail Your Final Wishes
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
The Tragic Loss of Star Trek’s Anton Yelchin: Lessons for Estate and Legacy Planning
The Three-Year Review and The Three-Year Plan
The Shocking Truth About Asset Protection Planning
The Pros and Cons of Probate
The Perils of Promises...Marlon Brando’s Story
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The IRS Took Half of Tony Soprano’s Estate: Don’t Fall into the Same Trap!
The Essential Legal Documents You Need for Incapacity Planning
Surprise! You Can’t Easily Disinherit Your Spouse in the U.S.
Stress Test Your Estate Plan
Sonny Bono’s Procrastination in Creating a Will Led to Years of Estate Battles
Skyrocketing Probate Fees – Another Reason to Avoid Probate Court
Revocable Trust vs. Irrevocable Trust: Which Is Best for You?
Prince’s Sad and Incredibly Expensive Mistake! (Are You Making It, Too?)
3 Powers to Consider Giving to a Trust Protector
Philip Seymour Hoffman’s Will: 3 Critical Mistakes
Parental Warning: If You Own Your Property this Way, You May Accidentally Disinherit Your Own Children
Over 70% of Elvis Presley’s Estate Paid in Taxes & Fees: How Can You Avoid the Same Trap?
Nosey Neighbor Nellie Can Find Out About Your Probate. Really.
Michael Jackson’s Estate Pulled into Seemingly Endless Probate Court Battles
Lifetime QTIP Trusts – The Gift That Keeps Giving
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich? 5 Reasons to Update Your Estate Plan
March
Is a Revocable Living Trust Right for You?
Is a Payable on Death Account Right for You and Your Family?
Irrevocable Trust Decanting in 4 Steps
IRS Announcement: Estate Tax Closing Letters Will Now Only Be Issued Upon Request
Investment, Insurance, Annuity, and Retirement Planning Considerations
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
How to Minimize the (Voluntary) Federal Estate Tax with Portability
How to Minimize Legal Fees After Death
HELP! This Probate Is Taking Forever!!!
Four Steps to Stop Mail Addressed to a Deceased Person
Five Things You Need to Know About the Recently ABLE Act
Flo Jo’s Tragic Mistake: A Missing Will
5 Reasons Why Uncle Bill May Not Make a Good Trustee
Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse
5 Reasons to Embrace Estate Planning
Estate Planning: 3 Reasons We Run the Other Way
Estate Planning Basics for Newlyweds – How to Get Prepared for the Unexpected
Escape From a Bad Trust: 5 Strong Reasons to Decant Your Trust
Doris Duke’s Trustee Bilked Estate for $1M: How Well Do You Know Yours?
Don’t Leave Your Trust Unguarded: 6 Key Ways a Trust Protector Can Help You
Does Your Estate Plan Protect Your Adult Beneficiaries?
Who’s Going to Get It: Do You Really Know the Beneficiaries of Your Dynasty Trust?
Dispelling the Top 3 Estate Planning Myths
Discretionary Trusts – How to Protect Your Beneficiaries From Bad Decisions and Outside Influences
Did you include your grandkids in your will? 5 Tips to Avoid Common Problems
Did Whitney Houston Leave Too Much Money To Bobbi Kristina?
Dennis Hopper Saves Heirs with Last Minute Estate Plan Changes
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Avoiding Guardianship When you are Incapacitated
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Who Should I Choose as a Successor Trustee
Celebrities Who Failed To Recognize Unborn Children in Their Wills: A Teachable Lesson
February
Caution: Your Traditional Asset Protection Plan is Set Up to Fail
How to Choose a Trustee
Name a Guardian for Your Child
Caution: Creditors Now Have Easy Access to Inherited IRAs
Big Bang Theory Star’s “Ironclad” Prenup Challenged: How Does Yours Compare?
Will Your Family Be Able to Find Your Original Last Will?
Ways to Avoid Court Proceedings
Are Handwritten Intentions Enforceable? Princess Diana Thought So…
An Estate Planning Checklist to Facilitate Wealth Transfer
Aging.gov: A New Resource for Older Americans and Their Families
AB Trusts – Do You Need to Get Rid of Yours?
A Powerful Exercise to Surface the Values You Want to Pass on to the Next Generation
10 Types of Trusts: A Quick Look
5 Tragic Mistakes People Make When Leaving Assets to Their Pets
5 Things Every New Mother Needs to Know About Wills
New Legislation Could Mean the End of Estate and GSTT Taxes What This Means for You and Your Family
5 Reasons to Protect Your Retirement Accounts Now
5 Mistakes Made by Successor Trustees (and How to Prevent Them)
5 Good Reasons to Decant a Trust
3 Ways to Minimize Estate Planning Fees
3 Tips for Overwhelmed Executors
3 Simple Ways to Avoid Probate Costs
3 Reasons You Want to Avoid Probate
Who Needs an Estate Plan?
AB Trusts – Do You Need to Get Rid of Yours?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment
Will Your Revocable Living Trust Avoid Probate? It Depends.
Why Your Estate Planning Project Must Morph into a Process
Estate Planning Tips for Commitment Without Marraige
3 Celebrity Probate Disasters and Tragic Lessons
3 Examples of When an Irrevocable Trust Can – and Should – Be Modified
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
2013
2012


Nennig Law Offices, LLC assists clients in Madison, WI and throughout Southern Wisconsin including Verona, Middleton, Sun Prairie, Cross Plains,Sauk City, Belleville, Waunakee, Mount Horeb, Oregon, Black Earth, DeForest,Monona, McFarland, Stoughton, Cambridge, Deerfield and Fitchburg.



© 2019 Nennig Law Offices, LLC | Disclaimer
6418 Normandy Lane, Suite 225, Madison, WI 53719
| Phone: 608-661-4333

Planning | | Who We Are

Attorney Website Design By
Zola Creative